Published: 2024-08-13T01:41:00.000Z
Chart EUR/JPY Update: Still room to extend corrective gains
Technical Analyst
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Consolidation above the 160.00 level has given way to fresh test higher to reach the 162.00 level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 164.30 | * | Nov high | S1 | 158.95 | * | 8 Aug low | |
| R3 | 164.00 | ** | congestion, May low | S2 | 157.50 | * | congestion | |
| R2 | 162.45 | * | 38.2% Jul/Aug fall | S3 | 156.00 | * | congestion | |
| R1 | 162.00 | * | congestion | S4 | 155.00 | * | 2 Jan low |
Asterisk denotes strength of level
01:35 GMT - Consolidation above the 160.00 level has given way to fresh test higher to reach the 162.00 level. Positive daily studies are still tracking higher and suggest scope for stronger gains to retrace the steep drop from the 175.43, July high. Above the 162.00 level will see scope to 162.45, 38.2% Fibonacci level. Gains beyond this, if seen, will expose critical resistance at the 164.00/30 area. Corrective gains are expected to give way to selling pressure later with support now at the 160.00/158.95 area. Below this will see room for deeper pullback to the 158.00/157.50 congestion.